Chief minister calls extraordinary meeting to discuss impact of Middle East conflict

Economic National Strategy Board to assess potential inflationary pressures

The chief minister is set to meet with senior ministers and officials tomorrow afternoon (Tuesday 10 March) to discuss the emerging economic and social impacts of the current conflict taking place in the Middle East.

Alfred Cannan has called an extraordinary meeting of the Economic National Strategy Board to assess the potential inflationary pressures including increases in energy prices, as well as the potential impact on the economy more generally. 

It's now ten days since the United States and Israel began strikes in Iran, leading to a wider conflict in the region.

It's led to disruption to supply chains with crude oil prices today rising above 114-dollars a barrel for the first time since 2022.

In tomorrow's meeting we're told the Board will also discuss ramifications for the food and medicine supply chains to the Island alongside the work being done by the UK Foreign, Commonwealth and Development Office (FCDO) to support affected Manx citizens abroad.

The chief minister says: ‘The Government continues to monitor the rapidly evolving situation in the Middle East and our thoughts are with all those caught up in this conflict.

‘I want to reassure communities across the Island that we are assessing all areas that might be impacted closer to home as the situation evolves, preparing for any potential impact in our economy, across key supply chains, on our society and on Government.

‘It is appropriate to hold an extraordinary meeting of the Economic and National Strategy Board and this will take place tomorrow, with a series of regular dedicated meetings going forward on this topic as required.’

Government says any further updates will be issued as appropriate.

Chief Minister Alfred Cannan is due to speak live on Manx Radio Breakfast with Ben Hartley after 8am on Tuesday (10 March).